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Search the Public Notice PortalOne of Scotland's best-known industrial buildings has changed hands after being acquired by a property developer and investor in an off-market deal.
The warehouse known as The Big Blue Shed, at Bellshill Industrial Estate in North Lanarkshire, will undergo a major refurbishment programme aimed at attracting logistics, e-commerce and distribution organisations.
It has been purchased by the Aberdeen-headquartered Knight Property Group. No fee has been disclosed, but the site previously changed hands for £2 million in 2012.
The detached warehouse extends to 143,700 sq ft and occupies a prominent six-acre site within Bellshill Industrial Estate, one of Scotland's most established logistics locations, with direct access to key transport routes including the M8, M74 and A725.
The property, which is set to be rebranded, features an internal height of between 8.5 and 10 metres, five dock-loading bays, four ground-level loading doors, and almost 3,900 sq ft of office space.
Knight Property Group said it will now undertake an extensive refurbishment designed to bring the building up to modern occupier standards.
The programme will include upgrades to the roof, external walls and cladding, improvements to external yards and surfacing, internal redecoration and the refurbishment of office and welfare facilities.
The works are expected to be completed in the fourth quarter of this year.
Howard Crawshaw, managing director of Knight Property Group, said: “Having successfully delivered several speculative new-build developments and refurbishment projects across this area, we are proud to continue investing in Lanarkshire’s business landscape with the acquisition of this landmark building.
“With continued demand for premium logistics and warehouse space, combined with a limited supply of high-quality accommodation, this property represents an excellent opportunity for businesses looking to establish or expand their presence in Central Scotland.
“We anticipate strong interest from occupiers seeking immediate access to well-connected industrial space, particularly given the shorter delivery times associated with refurbishment compared with new-build development.”
Bellshill Industrial Estate forms part of Central Scotland's so-called logistics and manufacturing "Golden Triangle", with the site positioned midway between the M8 and M74 motorways.
The warehouse is surrounded by major occupiers including Morrisons Scottish Distribution Centre, DHL, Yodel, TNT/FedEx Express, Wincanton, Müller, Renewable Energy Systems, Greenham and MAN Truck & Bus.
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Property consultancy Graham + Sibbald advised on the acquisition and said the deal reflects continued demand for high-quality industrial accommodation.
Yan Stewart, director at Graham + Sibbald, said: “Knight was able to move quickly on this ‘off-market’ acquisition, with the sellers keen to place the building with a purchaser capable of delivering on its vision for the asset.
“Their proven track record in delivering high-quality, well-specified industrial accommodation gives the market real confidence that the property will be rebranded and repositioned to meet modern occupier requirements and attract strong interest from industrial, logistics, e-commerce and warehouse operators upon completion.”
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